fibercop he closed hisfirst year of full operation as an independent company with 3,8 billion in revenues, 2 billion EBITDA and 1,745 billion EBITDA after organic leasing. Investments are increasing, reaching 2,7 billion euros (to which 2,4 billion in 2024 will be added), with a focus on increasing fiber coverage for 2,1 million properties and on achieving the PNRR rollout objectives. Of the activated lines, FTTH lines have increased by over 700. The four-year, €10 billion plan will be concluded in 2027.
“We are pleased to have more than exceeded our fiber rollout goals,” commented Massimo Sarmi, President and CEO of FiberCop“Over the course of the year, the company demonstrated continued quarter-over-quarter growth in both revenue and organic EBITDA, meeting its 2025 budget. Having now consolidated our operations, we expect next year to show even more solid results, building on this foundation,” he said.
The network company specifies that, being the first full-year financial year, "the results for the full year 2024 they are not fully comparable” and that “only the second half of 2025 and the second half of 2024 are fully comparable and have highlighted a stable performance of the company at the end of the transition period, consistent with the guidance indicated above, with Organic EBITDA up to €920 million of euros compared to 917 million euros.” In the fourth quarter, in particular, revenues up 5% compared to the first quarter and organic EBITDA grew by approximately 17%.
Fibercop: €115 million in efficiencies, €10,9 billion in debt
The company has identified and implemented over 115 million euros of cost efficiencies gross recurring revenues at full capacity, of which €85 million have already been reflected in the 2025 results. Based on the current business plan, Fibercop expects these efficiencies to progressively increase over time, through initiatives already identified, aimed at reducing operating costs by over €600 million in the 2025-2029 period.
La available cash is equal to 2,6 billion euros, bringing the liquidity margin to 4,7 billion euros, including fully available secured revolving credit lines, covering debt maturities up to 2029.
The net financial debt At the end of 2025, it stood at €10,9 billion (up from €9,2 billion at the end of 2024, supporting the accelerated investment plan), 88% of which was fixed-rate, over 50% of which was in bonds, with a weighted average life of approximately five years. Also on the debt front, in February 2026, Fibercop initiated the extension of the maturity from 2029 to 2031 and the elimination of the Euribor margin step-up for existing bank lines totaling €7,6 billion. Currently, 78% of institutions have already participated.
The company also provides guidance for the first time for the following year. In 2026, organic EBITDA is expected to grow close to 10% year-on-year.
Fibercop: 13,7 million active landlines
With 13,7 million active landlines on a current market of 20,5 million, “FiberCop is the leading operator in Italy in the fixed broadband access sector, with a market share of approximately 68%”, the company underlines in a statement. Despite the growing adoption of FTTH, the Italian market remains primarily based on FTTC (Fiber to the Cabinet) fiber, a technology of which FiberCop is the sole supplier nationwide. According to the most recent AgCom data available, FiberCop acquired approximately 60% of net new FTTH connections in the first nine months of 2025, increasing its overall market share in active Ftth lines up to approximately 43% of the Italian market (39% in 2024).
